Become a Part-Time Millionaire (Three Things You Must Do)

Graham Cochrane (0:01)

Welcome to The Graham Cochrane Show, where each week I help you create more money, margin, and meaning in your life. I'm your host, of course, Graham Cochrane. Let's get into it.

If you're doing six figures a year, maybe $100,000 to $300,000, and you feel like you've hit a wall, I need you to hear this. Working harder is not going to get you to a million dollars a year. In fact, it's probably the exact thing keeping you stuck. Now, I've coached hundreds of entrepreneurs through this exact ceiling, and every single time it comes down to the same three things. And today, I'm giving you all three. The exact shifts that take someone from grinding at $200,000 a year to running a part-time million dollar a year business. Let's get into it.

So, often time, entrepreneurs come to me because they want to scale to seven figures, meaning they want to be hitting a million dollars a year in their business every single year consistently, and they want to enjoy their life at the same time. And this is rarefied air. Only 5% of businesses in the United States make a million dollars a year of revenue. Revenue, right? And a lot of those businesses are very non-profitable. They're maybe 10%, 20%, 30% profit margins, so meaning they're taking home 100, 200, 300K. But in this type of coaching, consultant, author, speaker business, you can have 70% to 90% profit margins, meaning you keep the majority of that million dollars a year, which is incredible. So that is rarefied air to get to a million dollars a year, but it is more doable than ever before. But what got you to 100 to 300K a year will not get you to a million dollars a year. It just won't. There are these shifts. Getting to your first six-figure year, it just takes whatever it takes. And then from 100 to 300K, it's a sweet magical time, but it's pretty much just doing a little bit more of what you did to get you to 100K, and some momentum is in your favor. And momentum, the winds of momentum are amazing. However, if you find yourself stuck at around $300,000, month after month, year after year, and yes, stuck at $300,000 is a good problem to have, I get that, but you and I are talking about we want to have better problems, so don't feel guilty about feeling stuck at 300K because you know who you are, and you know what a feeling is like. If you're stuck at 300K, there's a reason. That is the ceiling of a certain level of entrepreneur. So, I'm going to give you two quick hints right at the beginning before I give you these three shifts of what it's going to take to get to the next level. Number one is you are going to have to become a different person. And this is not scary, this is not hard, but what got you to 300K will not get you to a million because who you are is what got you to 300K, and who you are is not enough yet to get you to a million. Not your personality. You are a wonderful special snowflake, and your mom loves you, and I love you, and you're incredible. I'm saying the way you think as an entrepreneur is not enough yet. So you have to level up first. And by the way, that is the whole game of everything in life is if you want more out of life, you have to become more. That is why we constantly are in personal development. That's why we constantly have coaches. That's why we constantly go to events. We read books like always be leveling yourself up. The best investment you can make period is in yourself because when you level up, everything around you levels up your relationships, finances, your business, your health, your spiritual life. Everything levels up when you level up. So you have to level up to get from 300K to a million. There's no hack. There's no trend. There's no algorithm. It's you. And even if you got on a trend or an algorithm or a hack that got you to a million, it won't last because you aren't the person to sustain it. So why would you want to shortcut the process of becoming who you need to become to be a million dollar a year, part-time business owner? Okay, that's number one. But number two, this is easier than you think. Because what got you to 300k was doing all the things. Working hard, trying all the things, being gritty, being resilient, being willing to get your hands dirty, that's incredible. What will get you from 300k to a million is finesse. And by finesse, I mean you have to stop doing diluted work.